A comprehensive analysis of one of the best forex broker in Australia
AxiTrader, incorporated in Sydney, Australia, in 2007, is the registered business name of AxiCorp Financial Services Pty Ltd (AxiCorp). AxiTrader is also the trading name of AxiTrader Limited (AxiTrader), incorporated in St Vincent and the Grenadines, with its offshore office located in Suite 305, Griffith Corporate Centre, PO Box 1510, Beachmont Kingstown. Besides being regulated by the Australian Securities and Investments Commission (ASIC) and holding an Australian Financial Services Licence (AFSL number 318232), the forex and CFD broker also operates out of Kingston in St Vincent & the Grenadines as an International Business Company. In the UK, AxiCorp Limited is registered in England and Wales and regulated by the Financial Conduct Authority- FCA Reference Number 509746.
Founded by traders more than a decade ago, AxiTrader has come a long way in achieving its goal of being accepted as a leading forex broker in Australia. As one of the top forex brokers in its league, AxiTrader offers retail and corporate clients a range of 140 plus products across four asset classes, with spreads starting from zero pips. Recognized as one of the best CFD brokers in Australia, AxiTrader offers customers across the globe the opportunity to trade in forex and CFD’s in indices, commodities, cryptocurrencies, and futures.
The broker caters to all categories of clientele, with beginners having the opportunity to trade in micro-lots and experienced traders the choice of CFD futures contracts in indices and commodities. Also, traders can benefit from max leverage of 400:1 in FX, and select an array of funding methods to deposit/ withdraw cash.
When it comes to trading platforms, the top CFD broker provides only the MetaTrader 4 across PCs and mobile devices. Clients signing up with the CFD broker have the choice of three account types: The MT4 Standard, the MT4 Pro, and the swap-free accounts. Besides, clients can deposit and withdraw funds in ten base currencies, including the USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, NZD, SGD.
RANGE OF MARKETS
Clients trading with AxiTrader will gain access to 140 + products covering four asset classes: Forex, commodities, cryptocurrencies, and indices. The broker offers reasonable spreads, flexible leverage, quick order execution, and liquidity from 14 global banks.
Following is the breakup of the various products under different asset classes-
Forex- Trade in 83 currency pairs comprising of majors, minors, cross currencies, and exotics.
Commodities CFDs- These cover precious metals, including gold, silver, and platinum, in addition to WTI and Brent crude oil. Spot Gold and Silver are offered against eight currencies, comprising of the USD, EUR, GBP, AUD, CHF, JPY, NZD, SGD, while Platinum is traded only against the USD.
Besides spot commodities, clients of AxiTrader CFD broker can trade in nine commodities CFD futures contracts: Coffee, Cocoa, Copper, Gold, Silver, Brent and WTI Crude oil, Natural gas, and Soybean.
Index CFDs- You can trade in 17 global stock index CFDs across Asia-Pacific, Europe, and the US. Also, the CFD broker provides clients access to trade in 14 index futures CFDs tracking some of the foremost global stock index futures, the US dollar index, and the volatility index (VIX).
CFDs in Cryptocurrencies- The digital currencies CFDs include a range of six cryptos, containing Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin, and Ripple, all pegged against the US dollar.
AxiTrader is a MetaTrader broker, providing the globally renowned MT4 platform for clients setting up a demo or live account. You can install the MT4 on your Windows or Mac PC, seamlessly connect to the web terminal, accessible across multiple browsers, or download the app on your Android or iPhone mobile devices. Besides, if you are an account manager, you can connect to the Australian forex broker’s Multi-Account Manager (MAM) tool to execute block trades across multiple accounts.
What sets the AxiTrader’s MT4 for web, desktop, and mobile applications apart from the competition is the additional plugins provided by one of the top Australian forex brokers. To start using the MT4 trading terminals, you can either open a 30-day demo account or a live account with one of the best forex brokers in Australia.
In our review of the CFD broker, Australia, we manually analyzed all the MT4 platforms from a demo account and provided a detailed analysis along with the trading features offered by the ASIC regulated forex broker.
AxiTrader MT4 desktop-
The MetaTrader desktop application is the standard offering by MetQuotes Software with a few additions. Clients signing up with the broker can download the platform on the Windows or Mac PC. You can trade on all the 140 + products offered by the broker across base currencies and CFDs in futures. The platform supports 39 languages and three types of trade execution: Instant/market order, pending orders, and trailing stops. Except for the instant or the one-click order type, all the orders come with a stop loss/take profit (SL/TP) function. When it comes to chart analysis, the MT4 provides three basic chart types in 9-time frames, from one minute to one month. Besides, you can access 30 in-built technical indicators and 24 graphic objects to carry out a detailed analysis of the price dynamics of the various traded instruments.
Here are some of the features of the MT4 Windows desktop terminal-
- Access the full range of trading products on the MT4 terminal.
- Execute one-click orders from the chart window.
- Drag and drop charts.
- Hedging/scalping allowed.
- Option to monitor real-time news and set trading alerts.
- Access the massive range of custom indicators from AxiTrader.
- Market depth window.
- VPS hosting services to prevent downtime.
- Compatible with third-party expert advisors (EA’s).
Servers based in New York and capable of handling high-frequency trading.
In addition to the default trading features, the AxiTrader CFD broker offers a variety of custom tools, indicators, and plugins. The complementary offerings include the sentiment trader, correlation matrix, the Axi trade terminal, session map, alarm manager, etc., giving the MT4 platform a completely new look.
AxiTrader MT4 Web platform-
The web platform is compatible with Windows, macOS, and Linux and allows you to start trading from your favorite browser in just a few clicks. All transmitted information on the web platform is securely encrypted, making them extremely secure. Analyze currency quotes, access trading features, and execute trading actions from anywhere; all you need is an internet connection. While the web platform has quite a few features, they are optimized for better performance and speedy order execution. Therefore, you may find several tools and automated trading features that are accessible on the desktop platform missing in the browser-based terminal.
- Accessible in 41 languages.
- Use the full range of trading products.
- Execute one-click orders from the chart window.
- Drag and drop charts.
- Access to three chart types with nine-time frames, from one minute to one month.A lower number of indicators when compared to the desktop version.
- You can connect with traders from the mql5 community.
- No option to place price alerts.
- No access to real-time news.
- No automated trading.
- No plugins.
AxiTrader MT4 mobile application-
AxiTrader CFD broker’s MT4 mobile app is accessible across all iPhone and Android smartphone models. The App can be downloaded from the Google Playstore or the Apple Appstore and connected to the main trading terminal. iPhone users can download the app on all the mobile devices offered by Apple, including the iPad and iPod Touch.
In our review of the best forex broker, Australia, we downloaded the MT4 mobile app on an Android device to highlight all the features of the trading terminal. The application has an excellent user-interface and is very similar to the MT4 desktop terminal. The software supports most of the features of the desktop version except for the auto-trading and a few more functionalities. The trading features, separated by individual panels, include the watchlist, charts, account info, trading history, real-time news from Dow Jones Newswires, and a chat to connect with the mql5 community.
Here are some of the additional features of the platform-
- Access all the 140 + products offered by the broker across base currencies and CFDs in futures.
- Three basic chart types comprising bars, candlesticks, and a broken line.
- Monitor charts in nine time-frames: From one minute to one month.
- 30-technical indicators plus 24 analytical objects.
- Real-time news from DJ Newswires.
- Quickly access all your historical trade data.
- Clients are allowed to hedge trades.
TRADING CONDITIONS - Spreads, margins, and orders -
In our CFD broker review of the trading conditions at AxiTrade, we cover the spread, margins, and the various order sizes offered for each of the asset classes by one of the best forex brokers in Australia. Besides, you can also take a look at the live spreads presented by the other top forex brokers.
Spreads largely depend on the type of account you open with the CFD broker. The spread on the MT4 Pro account starts at zero pips while clients signing up for the MT4 Standard account will have to bear a minimum spread of 1 pip on the major FX pairs. While the size of the bid-ask range varies for FX and precious metals, all other products carry identical spreads irrespective of the account type.
In the following table, we have highlighted the spread for the various FX pairs offered by AxiTrader and also illustrated the comparative real-time spread of some of the other forex brokers.
The margin requirements at AxiTrader are influenced by the account leverage when it comes to forex instruments, and cash CFDs in commodities, cryptocurrencies, indices, and CFD in crude oil futures. However, for CFDs in the other futures contracts, leverage does not dictate margin requirements. Instead, the standard margin rate is a reflection of the initial margin requirements for an account with leverage of 100:1. However, for specific financial instruments, the account leverage factor may not be applicable. In such instances, the initial margin is equal to the standard margin rate of the trading instrument.
Illustrated below is the margin calculation rate at AxiTrader
Tabled below are the standard margin rates for the various instruments offered by AxiTrader
|Product||Minimum margin||Maximum margin|
|Forex majors||1 percent||1 percent|
|Forex minors||2 percent||4 percent|
|Cross currencies||1 percent||2 percent|
|Exotic currencies||4 percent||10 percent|
|Commodities||1 percent||4 percent|
|CFD in Commodities Futures||1 percent||3 percent|
|Cryptocurrencies||80 percent||80 percent|
|Indices||4 percent||12 percent|
|CFD in Index Futures||0.5 percent||5 percent|
When it comes to the order size, they vary across asset classes and individual products. We have listed the trade size for the various financial instruments provided by the CFD broker below.
|Product||Minimum trade size||Maximum trade size|
|CFD in Commodities Futures||0.01||10|
|CFD in Index Futures||0.01|
When it comes to educational resources, the forex broker in Australia provides a massive collection of online material to assist beginners and experienced traders alike. The informative content is in addition to a large number of trading features on their MT4 platforms.
Here are some of the contributions of the AxiTrader CFD broker towards educating clients on the forex and CFD markets.
Basics for beginners – These cover online reading material for beginners to get started with forex trading. Besides answering some fundamental questions on forex, the Basics also includes instruction videos of practice accounts, links to in-depth education, technical analysis, trading platforms like MT4, etc. The other topics covered under Basic knowledge include forex glossary, basics of CFDs and Indices, and slippage.
Online Training – If you are not very familiar with how to use your MetaTrader 4 platform, the video tutorials provided by the CFD broker should undoubtedly help you. The free downloadable ebooks include tips to use charts, entry/exit strategies, position-sizing, system monitoring, and lessons on the forex markets. The other resources comprise technical analysis with a link to the broker’s blog and the education center where you can watch videos on trading strategies, technical indicators, etc.
The client support channels at AxiTrader are comparable with the best forex brokers in Australia. Clients can get in touch with the CFD broker’s support desk round the clock from Monday through Friday via live chat, email, and phone. Besides, you can also request a call-back by filling out a simple request form or can go to the help section to find answers to some of the frequently asked questions.
In our review of the best forex broker Australia, we got in touch with the live chat team to evaluate the quality of the support and the response time. While the initial response time was <10 seconds, the quality of the client support was excellent. Besides, the speed at which the chat team responded to the questions and clarifications we posed to them is commendable.
Tabled below are the mediums through which you can contact the AxiTrader client helpdesk
|New Zealand||0800 480 404||Australia||1300 888 936|
|China||400 057 9816||Germany||0800 7244085|
|Hong Kong||800 903 578||Indonesia||0018030164060|
|Malaysia||1800 81 6529||Singapore||800 120 6765|
|Spain||80 060 01 30||Thailand||001800120664622|
|United Kingdom||0800 018 3306|
Bottom line – AxiTrader is an excellent broker
AxiTrader is in the markets for more than a decade and was rated one of the most trustworthy brands by traders, according to the Investment Trends Australia FX Report in December 2014. That apart, the CFD broker has won numerous awards for its spread offerings, platforms, brand association, reliability, and trust. Not only is AxiTrader one of the best forex broker in Australia, but is also among the top 10 global forex brokers in terms of trading volumes.
AxiTrader is an ASIC and FCA regulated CFD broker, and all client deposits in Australia are dealt with under the Australian Corporations Act 2001. Besides, the top forex broker is also a member of “The Financial Commission,” a reputed international agency globally renowned for its dispute settlement mechanism within the financial services industry in the Forex markets.
When it comes to the security of client funds, the role of the Australian Securities and Investments Commission (ASIC) is only limited to licensing forex brokers. In the event of insolvency, clients could lose their deposits, a definite drawback. However, the CFD broker’s regulation with the Financial Conduct Authority (FCA) in the UK ensures individual clients are compensated up to £85,000 in the event the broker files for bankruptcy. The other drawback for clients signing up with the top forex broker in Australia is zero protection from negative balance, although UK clients are covered.
Other than the few negatives, our comprehensive review of one of the best Australian CFD brokers classifies AxiTrader as highly competitive when it comes to product offerings. Besides, the forex broker offers one of the lowest spread in the industry, an assortment of trading features on world-class platforms, multiple fund deposit/withdrawal methods, and an exhaustive collection of educational resources. Added to that, the 24/5 support and the excellent client helpdesk all catapult AxiTrader to one of the best forex brokers for both retail and corporate customers.